4,300 applicants, 400 drawn names, and only 20 lucky “winners”. Residents in other cities dream of winning multi-million dollar lotteries, while here in San Francisco we dream about winning the right to purchase a 600 square foot condo in the Beacon for a measly $172k.
The fine print: “applicants may not have owned a home in the past three years, must have limited assets and must earn no more than 70-110 percent of the area’s median income ($66,500 if you’re single, $95,500 for a family of four)…[and] the amount of equity they can accumulate is capped [around 3% a year].”
We would, of course, love to hear from any lucky winners. And as always, please feel free to invite us to the housewarming (we’ll bring champagne).
∙ Lottery attracts a host of would-be S.F. homeowners [Chronicle]